Monday markets
There was a strong start to the week for the cattle market coming off a holiday weekend.
Live cattle futures were higher. The August contract gained $1.85 to close at $215.90, and the October contract gained $2.05 to close at $212.95.
“The upward trend in the futures complex may encourage feedlot managers to wrestle with packers a bit more this week, but it’s still likely that the cash cattle market trades steady at best, given that packers have supply built up around them,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the day was light, with less than 400 head sold. On the formula side, a total of 40,300 head averaging 913 lbs. averaged $361.07.
Cash trade for the week ending July 6 totaled 51,945 head. Live steers sold for $230.02, and dressed steers sold for $369.41.
Slaughter for the day is estimated at 114,000 head, compared to 118,000 head a week earlier. Total slaughter for a week earlier is projected at only 474,000 head due to the Fourth of July holiday.
Boxed beef prices were mixed on 94 loads. The Choice cutout gained $1.23 to $390.98, and the Select cutout lost 91 cents to close at $377.53.
Feeder cattle
Feeder cattle futures were higher. The August contract gained $4.22 to close at $313.72, and the September contract gained $4.15 to close at $313.52.
“Cow-calf producers are especially thankful to note the stronger uptick in the feeder cattle complex, as again this week, Superior Livestock Auction is hosting another large video auction where over 300,000 head are cataloged to sell and will help establish the market for fall feeder cattle prices,” Stewart said.
The CME Feeder Cattle Index lost $2.27 to close at $311.83.
Corn futures were lower. The July contract lost 13 cents to close at $4.18, and the September contract lost 16 cents to close at $4.03.
Missouri: Joplin Regional Stockyards in Carthage sold 5,864 head on Monday. Compared to a week earlier, feeder steers under 600 lbs. sold steady to $8 lower. Heavier weights sold mostly steady to $6 higher, with heavy eight-weights selling up to $15 higher. Feeder heifers sold steady to $5 higher, with seven- and eight-weights selling $15 higher. Benchmark steers averaging 778 lbs. sold from $314.50-342.50, averaging $320.47. — Anna Miller, WLJ managing editor
